Washington Babylon — September 25, 2008, 11:01 am

Senator Robert Bennett: There’s no time to do this “right,” just give Wall Street the money

“I’ve spent the last few weeks talking to [Wall Street traders], and they want this money so badly—it’s an obsession,” Adam Davidson said last night during an NPR report. “Obviously it would be, it’s an awful lot of money…This particular solution, Wall Street loves it, economists hate it.”

Wall Street loves it, and so does its friends on Capitol Hill. Senator Robert Bennett was on after Davidson and predicted “very serious economic consequences” unless Congress approved the $700 billion forthwith. How serious? Bennett suggested that the Dow would fall by twenty to thirty percent by Monday if the bailout were not passed by then, adding: “If we say, no, we want to take the time to do this right, we want to put this provision in, and that provision in, and let’s debate it for another week, and thus send the signal that we’re not serious, I think the markets are going to fall off the cliff.”

Bennett, incidentally, serves on the Senate Banking Committee and it’s easy to see why he’s in such a hurry. The top industries that have funded his political career are (according to Opensecrets.org) Securities & Investment ($484,236), Commercial Banks ($377,074) and Insurance ($284,855). Bennett’s six leading individual PAC donors are, in order, Morgan Stanley, JPMorgan Chase & Co, Citigroup, Fannie Mae, Bank of America, and the American Bankers Association.

So there’s no time for Congress to do it “right,” better to just fork over the money.

Share
Single Page

More from Ken Silverstein:

Commentary November 17, 2015, 6:41 pm

Shaky Foundations

The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Get access to 165 years of
Harper’s for only $45.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

February 2017

Blood and Soil

= Subscribers only.
Sign in here.
Subscribe here.

A Grim Fairy Tale

= Subscribers only.
Sign in here.
Subscribe here.

Trump: A Resister’s Guide

= Subscribers only.
Sign in here.
Subscribe here.

Little Things

= Subscribers only.
Sign in here.
Subscribe here.

The Patient War

= Subscribers only.
Sign in here.
Subscribe here.

Remainers

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
Discussed in this essay: Age of Anger: A History of the Present, by Pankaj Mishra. Farrar, Straus and Giroux. 416 pages. $27. I am writing from Germany, the world’s last major stronghold of liberal democracy. The United Kingdom fell to Brexit in June; the United States fell, with the election of Donald Trump, in November. We can dispute whatever “the West” was for as much time as humanity has left, but that it collapsed on Tuesday, November 8, 2016, seems to me beyond question. Perhaps Angela Merkel, the German chancellor, is the heart still beating faintly within its brain-dead body, but …
Photograph (detail) by Philip Montgomery
Post
Illustration (detail) by Steve Brodner
Article
The Patient War·

= Subscribers only.
Sign in here.
Subscribe here.

Discussed in this essay: Age of Anger: A History of the Present, by Pankaj Mishra. Farrar, Straus and Giroux. 416 pages. $27. I am writing from Germany, the world’s last major stronghold of liberal democracy. The United Kingdom fell to Brexit in June; the United States fell, with the election of Donald Trump, in November. We can dispute whatever “the West” was for as much time as humanity has left, but that it collapsed on Tuesday, November 8, 2016, seems to me beyond question. Perhaps Angela Merkel, the German chancellor, is the heart still beating faintly within its brain-dead body, but …
Photograph (detail) © Andrew Quilty/Oculi/Redux
Article
Little Things·

= Subscribers only.
Sign in here.
Subscribe here.

Discussed in this essay: Age of Anger: A History of the Present, by Pankaj Mishra. Farrar, Straus and Giroux. 416 pages. $27. I am writing from Germany, the world’s last major stronghold of liberal democracy. The United Kingdom fell to Brexit in June; the United States fell, with the election of Donald Trump, in November. We can dispute whatever “the West” was for as much time as humanity has left, but that it collapsed on Tuesday, November 8, 2016, seems to me beyond question. Perhaps Angela Merkel, the German chancellor, is the heart still beating faintly within its brain-dead body, but …
Photograph (detail) of miniatures by Lori DeBacker by Thomas Allen
Article
Blood and Soil·

= Subscribers only.
Sign in here.
Subscribe here.

Discussed in this essay: Age of Anger: A History of the Present, by Pankaj Mishra. Farrar, Straus and Giroux. 416 pages. $27. I am writing from Germany, the world’s last major stronghold of liberal democracy. The United Kingdom fell to Brexit in June; the United States fell, with the election of Donald Trump, in November. We can dispute whatever “the West” was for as much time as humanity has left, but that it collapsed on Tuesday, November 8, 2016, seems to me beyond question. Perhaps Angela Merkel, the German chancellor, is the heart still beating faintly within its brain-dead body, but …
Illustration (detail) by Nate Kitch

Minutes after a tornado hit Shiloh, Illinois, in April that the town’s warning siren sounded:

30

A bowl of 4,000-year-old noodles was found in northwestern China; and a spokesman for the Chinese Academy of Sciences said that “this is the earliest empirical evidence of noodles ever found.”

Rodrigo Duterte, the president of the Philippines, announced that he has ordered the country’s navy and coast guard to bomb the ships of kidnappers even if civilian hostages are on board.

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

Who Goes Nazi?

= Subscribers only.
Sign in here.
Subscribe here.

By

"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."

Subscribe Today